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Just recently, there have been big signs that B2B payments are evolving. The push for data integration seems to finally be kicking in and taking off. Experts say with paper checks still so prevalent in the U.S., the adoption of electronic payments technologies is definitely a step in the right direction.
What the Future Looks Like
Now, the key is for FinTechs and financial service providers to make their move and lay the groundwork to lower barriers to adoption. In truth, setting the stage for digitization goes beyond simply understanding its importance for modernization. It requires a realization of the cost.
According to EVO Payments President of the Americas Brendan Tansill, says, “Unquestionably, a huge piece of it is cost. Moving online allows for faster collections. It allows for ways in which one could incentivize faster payments by facilitating discounts.”
In short, automation saves money that can be used elsewhere for further business growth. Less people are needed in the accounts receivable department, for example. As technology solutions evolve, the task of capturing data is also improved, reducing the financial burden of card acceptance even further.
Overall success of electronic payments adoption hinges on much more than digital transactions, however. The process of how businesses transact with each other needs to undergo a complete transformation. Data, and more specifically data integrations, are critical to driving further progress in B2B payments.
“The digital journey is not just around working capital cycles,” said Tansill. “It’s also around the availability of data.”
The Climate of Consolidation
As the climate of consolidation continues to gain momentum, there is a growing interest among payment solution providers to acquire point-of-sale (POS) software. Overall, only time will tell how the B2B payments ecosystem will evolve in the end. Especially now that businesses are embracing payments acceptance.
The key for these business owners is to ensure they’re partnering with the right payments processor – a company that understands its business type and industry and has its eyes set on the future. A provider that stays on top of changes as they develop, and provides the tools and services to match.
Where to Find Top Payment Processing Providers
Are you looking for a little more information on reputable payment processors before committing? Need assistance setting your business up with the latest payment processing tools and options? Consider utilizing Pinwheel Payments. Secure the services you need to create a seamless customer experience.
Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.